The answer to that lies in your own perceptions. You need to draw Phalanx units apart (Spear Warband are nothing else), then fall on their flanks. Pezhetairoi gives a good account on how to do this with infantry - but cavalry is even better. Just remember not to fight it out with them for too long: Charge into a flank or backside, then withdraw once the charge has worn off and your men have to fight in a more drawn-out melee. Also, decimating them with missiles before engaging should not be underestimated. Even from head on, when you only kill very few with each volley, it wears down morale. If they have to turn a lot to chase your units around, they'll expose their rear to missile fire, making shield bonuses useless.
Just make sure the enemy cavalry is gone before playing this game, or it could get nasty.
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